Keltner Channel (MetaTrader indicator) | FREE Forex Trading Indicator
Keltner Channel (MetaTrader indicator) is a classic technical analysis indicator created in 1960 by Chester W. Keltner. The indicator is similar to the Bollinger Bands and Envelopes indicators. It employs three plot lines: the middle line is the 10-day simple moving average applied to the typical price ((high + low + close) / 3), the upper and lower bands are created by adding and subtracting the daily price range moving average (High and Low difference) from the middle line. In this manner, a volatility-based channel is constructed. In this version of the indicator, you can change all of the MA’s parameters. The indicator is available for both the MT4 and MT5 platforms.
- MA_Period (default = 10) — the period of the moving average (middle line).
- Mode_MA (default = MODE_SMA) — the mode of the moving average (middle line).
- Price_Type (default = PRICE_TYPICAL) — the applied price of the moving average (middle line).
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The classical strategy with this indicator is to go long when the price closes above the upper band and to go short when it closes below the lower band. It seems to be a rather viable entry system. Exits can be based on a very conservative stop-loss (as you see on the chart, the false signals are not uncommon), a rather high take-profit and a cross with the middle line. Some traders also suggest using other indicators for confirmation.
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